AbhishekHSinghCMT

Reliance - (Wave Analysis) Catching The Tops @ 2375 - What Next?

Long
NSE:RELIANCE   RELIANCE INDS
Disclaimer
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All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
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As per last idea published @ 10th Sep2020 - Reliance was suggested that it could top out above 2300 or the wave after triangle shall be the last wave upside.

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16th Sep2020 - Reliance topped at 2375

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What Next?
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  • Impulsive move from the tops @2375 Highs
    Stock made low @ 1990
    Strong Support Zone- 1990-2000
    Shall look for bounce back & relief rally
    Stock crossing above 2030 can move to 2060 / strictly above 2060 for 2095 or buy as close as possible to 2000 level. No buying if stock falls below 2000- next key level where stock can have trouble


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    Don't Miss The Last Few Ideas
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    Last Reliance Idea @ 10th Sep2020



    Quick Follow up done for Reliance in last video idea of Auropharma

Trade active: 10:05 Hrs / 30th Oct2020

Last Price- 2042

Need to book partial target at 2045 as looks tough in present scenario so book whatever profit you get as Intraday trader. Thanks
Trade active: 10:26 Hrs / 30th Oct2020

Last Price- 2038

Fall started - so I suggested book partial profits close to 2045 in last update above

Stock in middle of choppy move. Most likely has negative bias & downside objective if it fails to cross 2050 day high so far.

Upside is limited which was 2060 - so, I even suggested - any further buy strictly should be above 2060 levels

It might spend whole day in range move between 2000 to 2050 - later has strong possibility for puke to 1975 levels downside/ below 1975 for 1900 levels

Upside limited & can be seen only if crosses above 2050 -key level
Trade active: 14:01 Hrs / 30th Oct2020

Last Price - 2035

Reliance gave 2nd chance of selling right at the top @ 2050 highs - did you sell at day high ?
Trade active: 11:43 Hrs / 31st Oct2020

Last Close- 2054

2050 -2060 is a no trade zone & you should be careful as failing to hold the levels of 2060 on Monday session - 2nd Nov2020

Stock has great chances of falling to 1990-2000 support zone & falling below can slip to 1975 & close by levels to have next support
Trade closed: target reached: 18:02 Hrs / 2nd Nov2020

Suggested on 31st Oct2020 in last update above - "Trader's have to be careful as failing to hold the levels of 2060 on Monday session - 2nd Nov2020 "- Stock has great chances of falling

What happened - Heavyweight RIL slipped to the target zone 1990-2000 & going below 1990 - it was a crazy fall

Why it happened ?

2060 to 1859
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave

Comments

Yes. 2000 can be crucial level. Thank you sir for your view.
+2 Reply
No i bought at 2000 levels sitting quiet untill i see 3000 levels.. Ha ha..
+1 Reply
AbhishekHSinghCMT VishalSancheti
@VishalSancheti, Best of Luck
Reply
Thanks for today’s update
+1 Reply
Thank a lot sir
+1 Reply
thank you so much sir!
+1 Reply
Thank you very much for your analysis and ideas 👍
+1 Reply
brilliant sir. aapne corrective wave bhi khel li !!!
Reply
Yes. It is just holding below 1060 level.
Reply
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